25 February 2026
Delivering sustained income and value growth
Prime West End portfolio
Strong financial performance and position
Delivering income and value growth
Confidence in our long-term prospects
2025 Annual Results 2
PSignrificainmt growthepotenWtial acroess ousr potrtfoliEo
Option 1
nd portfolio2025 Annual Results 3
Another year of growth
Strong operating and financial performance
Positive trends in footfall and sales
Excellent leasing momentum and pipeline
Delivering rental income and valuation growth
Strong balance sheet and access to substantial liquidity
Introduction of long-term, private capital
Leveraging our operating expertise and assets
Growth, investment and expansion opportunities
Enhanced financial flexibility
Confidence in London's West End
Well-positioned to take advantage of market opportunities
Chinatown2025 Annual Results
Covent Garden
Carnaby Street 4Unique portfolio in the heart of London's West End
Impossible-to-replicate portfolio of heritage properties
Unrivalled concentration of entertainment and
cultural attractions
Wide variety of retail, leisure, food & beverage experiences
High footfall with seven-days-a-week trading environment
Substantial working and residential population
provides a regular, daily consumer base
Globally-recognised location for education, innovation and commerce
Carnaby | Soho
Chinatown
Covent Garden
Long-term resilience and global appeal
Vibrant, pedestrian-centric locations
Consistently high occupancy
Low capital requirements
Reliable, growing long-term cash flows
39
theatres in the West End
21k
hotel rooms1
553k
workers1
Our portfolio has an annual footfall of
c.150m
and an average dwell time of
102 mins
2025 Annual Results
Within a 10-minute walk from our estate 5
Source data: CACI, Colliers, London Theatre Direct, MRI
Clear strategy delivering excellent performance
2025 Highlights
+6.6%1 (L-f-L)
+10.1%
+7.2%
+9.1%
+14.3%
+12.2%
Delivering on our medium-term targets
1. Reflects portfolio under management
2025 Annual Results 6
Option 1
Strong financial performance and position2025 Annual Results 7
Growth in underlying earnings and dividends
Group share | 20251 £m | |
195.6 | ||
(34.5) | ||
161.1 | ||
3.0 | ||
(41.0) | ||
(41.4) | ||
0.2 | ||
Underlying earnings | 81.9 | |
Underlying earnings per share (pence) | 4.5 | |
Dividend per share (pence) | 4.0 | |
Rental growth +5.9%2 L-f-L
Underlying earnings +12.2%
Dividend +14.3%
2025 figures reflect 75 per cent ownership of the Covent Garden estate following completion of the partnership with NBIM on 1 April 2025. Refer to page 43 for further information
The movement in the rental income is on a like-for-like basis, reflecting acquisitions, disposals, developments and the Covent Garden transaction
Refer to page 42 for information on the cost ratio
2025 Annual Results 8
Delivering rental value and income growth
215.0
15.6
11.3
10.8
17.6 270.3
26%
+6.2% L-f-L
Income reversion
+5.3% L-f-L
£million
Contracted
Realised on expiry of rent-free periods, and contractual rent increases
EPRA vacancy
Of which £4.0m is under offer, resulting in available to let vacancy of 2.6%
Under refurbishment
Realised on completion and letting of schemes
Net under rented
Dec 2025 Dec 2025
Absolute change since Dec 24 (£m) | |||||
+12.2 | +0.7 | +1.5 | (2.2) | +7.5 | +19.7 |
This chart represents the portfolio under management as at 31 December 2025. On a Group share basis, annualised gross income is £187.6 million and ERV is £234.8 million
2025 Annual Results 9
Valuation growth driving increased NTA per share
Group share balance sheet | 2025 £m | |
4,661 | ||
(813) | ||
106 | ||
Net assets | 3,954 | |
EPRA net tangible assets | 3,955 | |
EPRA net tangible assets per share (pence)2 | 215 | |
Valuation up 6.6% to £5.4bn1,3
Net debt reduced by £0.6bn
EPRA NTA growth of 7.2%
+6.2% L-f-L ERV growth Equivalent yield at 4.43% Total property return +10.1%
£574m cash proceeds
Cash held on deposit pending reinvestment and debt repayment
Driven by valuation growth Total accounting return +9.1%
The market value of the property portfolio under management is £5,407 million (2024: £4,974 million). Market value of the property portfolio on a Group share basis is £4,701 million
Refer to page 44 for the EPRA NTA per share movement
The movement in the property portfolio is on a like-for-like basis, reflecting acquisitions and disposals
2025 Annual Results 10
Portfolio valuation growth with improved ERVs
Valuation increase driven primarily by rental growth
Valuation +6.6% to £5.4bn
6.2% L-f-L ERV growth to £270m
Equivalent yield contracted marginally to 4.43% (Dec 24: 4.45%)
4.6% equivalent yield for the commercial portfolio
4,701
706
£million
Group share portfolio Non controlling interest
Rents and valuation well-underpinned
Strong rental growth prospects
Average ERV £98psf (2024: £92psf)
Average valuation £1,962psf (2024: £1,833psf)
Dec-24 Market value
25% sale of Covent Garden
ERV
growth
Yield movement
Acquisitions, disposals and capex
Dec-25 Market value
ERV up +6.2% with growth across all uses and destinations
By use
Overall
By destination
Residential
F&B
Office
Retail
Chinatown
Covent Garden
Carnaby | Soho
2025 Annual Results 11
Significant financial flexibility
Enhanced credit metrics…
…and flexibility
Net debt
EPRA LTV
Interest cover
10.9x
6.6x
Net debt to EBITDA
Access to £1bn of liquidity1
£1.4bn
£0.8bn
27%
17%
Weighted average maturity of drawn debt of over 4 years
2.9x
4.0x
Weighted average cost of debt of 3.6%
Interest rate protection in place, with SONIA exposure of
£300m2capped at 3% for 2026
31 Dec 2024
31 Dec 2025
Access to substantial liquidity, pro forma £0.7bn taking account of expected repayment of exchangeable bond in March 2026
£37.5 million relates to non-controlling interest
2025 Annual Results 12
Diversified debt profile and sources of funding
Debt maturity profile
£million
Expected to be repaid in March 2026 using cash resources
£300m unsecured RCF extended from 2028
maturity to 2029
£150m unsecured RCF extended from 2027
maturity to 2030
Completion of new
£300m 5-year Covent Garden RCF
Expected to be repaid / refinanced in H2 2026
2026 2027 2028 2029 2030 2031 2032-2037
Unsecured private placements (CG shown at 100%) | Exchangeable bond | Secured term loans |
Unsecured bilateral term loan | Undrawn facilities (CG shown at 100%) | Undrawn facilities (SHC) |
£95 million of £380 million unsecured private placements and £75 million of the undrawn Covent Garden RCF relate to non-controlling interest.
2025 Annual Results 13
Looking ahead
Target total returns
5 - 7% 7 - 9% 8 - 10%
1 1
Dividend growth
1. Annualised rates over 3 to 5 years from 2023, assuming stable cap rates
2025 Annual Results 14
Delivering income and value growth
2025 Annual Results 15
Globally renowned destinations in the heart of London's West End
Covent Garden
+5.5%
+5.6%
Carnaby | Soho
+8.5%
+7.5%
Chinatown
+6.4%
+5.5%
2025 Annual Results
Metrics reflect full year L-f-L growth to December 2025
Map is for indicative purposes only
16
Positive leasing performance
434 New lettings/renewals
£38.8m
+10.3% vs Dec-24 ERV
+13.9% vs previous rent
56 Rent reviews
£14.1m
+8.1% vs Dec-24 ERV
+7.7% vs previous rent
High occupancy
2.6%
ERV available to let
2025 Annual Results 17
Strong retail market
Retail leasing activity driving 10.4% valuation growth
Positive trading conditions
30 new retail openings across the portfolio
Availability on many streets at or near record lows
Selecting categories and brands to meet consumer
demand
Sustaining competitive pricing
66 new lettings and renewals
£13.1m of rental income; +11.8% vs Dec-24 ERV
Rent reviews: £3.3m; +13.1% vs previous passing rents
Byredo, Market Building+8.1%
36%
419
£137
2025 Annual Results
Charlotte Tilbury, Carnaby Street
Kapten & Son, Neal Street 18Continued F&B demand for our prime locations
Operators attracted to our vibrant, predominantly pedestrian-centric destinations
24 new openings across the portfolio
High occupancy
Only 0.5% of the portfolio ERV available to let
37 new lettings and renewals: £8.7m of rental income; +15.7% vs Dec-24 ERV
Rent reviews: £10.5m; +6.1% vs previous passing
rents
2025 Annual Results
Ria's & Heard, Fouberts Place Harry's, Russell Street+4.9%
33%
392
£95
Cô ThÉnh, Henrietta Street 19Office
Residential
+5.8%
19%
+4.4%
12%
436
£83
659
£62
Office and Residential
High quality office space
Amenity value and excellent environmental credentials
46 new lettings and renewals: £6.1m of rental income; +7.2% vs Dec-24 ERV
Rent reviews: £0.3m; +8.5% vs previous passing rent
High occupancy across residential portfolio
285 lettings and renewals +6.4% ahead of ERV
Rents achieved +3.9% vs previous rents
Occupancy; 0.7% of ERV available to let
2025 Annual Results
The Hide, Carnaby
Residential 20Investment, expansion and growth opportunities
Investment opportunities across our portfolio
Refurbishment, asset management, public realm and repositioning opportunities
Capital rotation
£80m of acquisitions and £33m of capex
Several buildings currently under review
£12m of assets disposed
Partnering with long-term capital
Leveraging our operating expertise and assets
Enhancing growth and expansion opportunities
Significant liquidity to take advantage of market opportunities
Acquisition of 16-18 Beak Street
Refurbishment of The Floral
2025 Annual Results
Henrietta Street, Public Realm works underway 21Confidence in our long-term prospects
2025 Annual Results 22
Long-term rental growth underpinned by strong fundamentals
Aggregated ownership
high occupancy
low capex requirements
Creative approach
Forward-looking approach,
Capital rotation
Long-term resilience of the West End
Market +4.5%
Shaftesbury Capital +6.8%
Experienced and passionate team
Scarcity value
Track record of outperformance1, 2
Consistent, long-term rental growth driving returns, earnings and value progression
Source: MSCI West End retail led assets: Average for previous 15 years adjusted for COVID period (excluding 2020-2021)
SHC 2010-2025 adjusted for COVID period (excluding 2020-2021)
For info: MSCI West End retail led assets 35-year average 3%-4%
2025 Annual Results 23
Confidence in our long-term prospects
Consistent, long-term rental growth
Driving returns, earnings and value progression
Significant growth potential across our portfolio
Strong leasing pipeline and excellent levels of activity
Well-positioned to capitalise on market
opportunities
Clear strategy and financial strength
Confidence in medium-term targets set out in 20231
Rental growth
Total property return Total accounting return
5 - 7%
7 - 9%
8 - 10%
1. Annualised rates over 3 to 5 years, assuming stable cap rates
2025 Annual Results 24
Option 1
Q&A2025 Annual Results 25
Option 1
Appendices2025 Annual Results 26
Our strategy
Our purpose
2025 Annual Results
Investing to create thriving destinations in London's West End where people enjoy visiting, working
and living.
To deliver long-term incame and value growth from our unique portfolio of properties through investment, Curation and responsible stewardship, benefitting all stakeholders and contributing to the success of the West End.
Place our customers at the heart of the business
. Deliver best in class service to Our customers Leverage deep understanding of consumers and commercial data
Creative and active approach
Invest in and nurture remar kable destinations in
London's West End
Dynamic leasing strategy
Re-use, re-purpose and improve our buildings Enhance publiC realm
Disciplined financial management
Prudent, conservative approach to finaiJcial leverage and risk
Maintain cost and cap itat discipline
Sustainable and community-minded
Broad community and stakeholder engagement
Responsible stewardship
. Commitment to the environment and clear
sustainability goals
Take a responsible, long-term view
Act with integrity
Take a creative approach
Listen and collaborate
Make a difference
27
Our portfolio under management
14%34% 52%
2025 Annual Results
Metrics reflect percentage of portfolio under management value at 31 December 2025
28
Diverse mixed-use portfolio
Split by use
Split by destination
36%
36%
Retail
52%
45%
33%
33%
F&B
Office
Residential
19%
20%
12%
11%
34%
39%
14%
16%
Portfolio under management Group share of portfolio
2025 Annual Results
Metrics reflect percentage of portfolio valuation at 31 December 2025
29
Historical reversionary potential and ERV growth
+22% ERV 3 yr growth1
+26% AGI 3 yr growth1
187
258
193
237
215
270
156
165
165
178
175
181
185
205
208
221
225
227
239
251
252
£million
Covid-19
94
122
108
131
115
145
121
129
143
153
203
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Annualised gross income ERV
Metrics reflect performance since merger i.e. 3 years
Numbers reflect the combined reported figures of Capital & Counties Properties PLC and Shaftesbury PLC from 2010 to 2022
2025 Annual Results 30